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Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

The Bentley Bacalar went from a sketch to a 650-hp roadster in nine months

Bentley's Mulliner division cemented its status as a modern-day coachbuilder when it unveiled the Bacalar, a two-seater roadster loosely based on the Continental GT. Nearly every part that drivers will see and feel is specific to the model, including the body panels and most of the interior, yet the company created it in just nine months. Mulliner has worked on many one- and few-off models in the past, it notably turned the stately Mulsanne into a six-seater limousine in 2016, but the Bacalar (pictured) takes customization to an entirely new level. Repeated requests from its most loyal clients convinced Bentley to expand the scope of its coachbuilding division. "We felt a strong demand from our high-end customers. They asked again and again, 'can you do something very special?' They weren't talking about one of a hundred, but one of 10 or even one of one," explained Stefan Sielaff, the company's lead designer, in an interview with Autoblog. He added the Bacalar project started shortly after Bentley introduced the EXP 100 GT in 2019 to celebrate its 100th birthday. This explains some of the visual parallels between the two cars. While the concept was electric, the sold-out production model receives a mighty, 650-horsepower W12 engine because Bentley couldn't create a suitable battery-powered drivetrain in the short amount of time it had to make the roadster a reality. Sielaff stressed the effort his team put into making the Bacalar in nine months shouldn't be underestimated. "We had to make sure the car was road-legal, homologated, and certified. The car you would have seen at the Geneva auto show is literally what the customer will get. It's not a crazy show car. The only difference will be the colors and the materials, because we will work with each customer to make an individual statement," he said. In the United States, the Bacalar will be imported under the Show and Display law, like the McLaren Speedtail. The expedited design process meant the 12 future Bacalar owners signed the dotted line after seeing only digital renderings of the car. They weren't shown the final product until much later. Their enthusiasm is encouraging; it tells Sielaff there's a tremendous appetite for one- and few-off Bentley models among wealthy clients.

Volkswagen breaks 40-year-old sales record in 2012

The last time Volkswagen moved this many vehicles in America in one year, Richard Nixon was still a President in good standing, Let It Be was a radio hit and each car wearing the VW badge boasted an air-cooled engine. That's right, with a grand total of 580,286 vehicles sold in the US last year, the VW Group has broken its own four-decades-old sales record by 2,899 vehicles.
Of that 580k total sold, 438k were Volkswagens and 139k were Audi products - increases of 35.1 percent and 18.5 percent, respectively, in year-over-year sales. The ultra-premium members of the VW group also fared well; Bentley delivered 2,315 vehicles for a 23.3-precent increase, and Lamborghini delivered 520 units for a 52.9-percent jump. Bugatti, we're told is "right on track."
Jetta (pictured) sales paced the marque with 170k models sold, and Passat also finished very strong with sales of 117k total. Tiguan also racked up its best year on file, with 31,731 models shifted.